Brokers’ Call: ‘Accumulate GMR Infra’

"A stable performance on the Airport front (up by 65 per cent yoy, excl. Male) was marred by lower EPC (-16 per cent yoy) and Power (-12.8 per cent YoY) revenues. Thus, revenues increased by 7.8 per cent to Rs 23.5 billion against our expectations of Rs 22.4 billion. Pax traffic of DIAL was down 8.5 per cent yoy and up 16.3 per cent qoq at 8.6 million. ATMs also followed the above trend and were down by 10.7 per cent qoq and up by 1.2 per cent YoY, while cargo was flat yoy and up by 3.7 per cent qoq," the brokerage house said in a report.